HSBC profits up 28 pc at $5.9 bn

HONG KONG: Banking giant HSBC said on Monday that pre-tax profit rose 28 per cent to $5.92 billion in the third quarter, boosted by “strong revenue growth” in its main global businesses.

Adjusted pre-tax profit rose 16 per cent year-onyear to $6.2 billion, reflecting revenue growth that was partly offset by a rise in operating expenses, the bank said. That beat analysts’ estimate of $5.73 billion, according to Bloomberg News.

“The strong revenue environment continues to enable us to invest in growth and in the simplification of the organisation to make it easier for our customers to bank with us and for colleagues to do their jobs,” said chief executive John Flint.

Shares in the bank were up 3.88 per cent at HK$62.85 (US$8.01) and reached HK$63.75 at one point in afternoon trading, after the results were released.

Adjusted revenue climbed almost nine per cent to $13.84 billion in July-september, up from $12.72 billion in the same period in 2017.

The Asia-focused banking giant has been on a recovery and huge restructuring drive in recent years to streamline the business.

Flint said in June that he plans to invest up to $17 billion primarily in growth and technology projects, with a particular focus on accelerating business in Asia. He was promoted to the top job after serving as the lender’s head of retail banking and wealth management.